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OPEC+ output decision due to balanced market, demand recovery, says Novak

According to the Russian deputy prime minister, such decision was made mainly due to the fact that the market was balanced, the demand was gradually recovering

MOSCOW, December 2. /TASS/. OPEC+ has decided to leave the growth of production in participating countries at 400,000 barrels per day in January due to a balanced market and gradual recovery of oil demand globally, Russian Deputy Prime Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Thursday.

"It was agreed not to change the decision taken earlier on a gradual increase in output by 400,000 barrels per day each month. Consequently, we confirmed an increase in total production by 400,000 barrels per day for January. This is mainly due to the fact that we see the market is balanced, the demand is gradually recovering," he said.

OPEC+ nations managed to overfulfill the conditions of the oil production cut agreement in October 2021, Novak said, adding that the deal was fulfilled by 116%.

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